Bloomberg News

Angola, Congo Republic Start Oil Venture, Jornal de Angola Says

March 17, 2012

Angola and the Republic of Congo agreed to jointly exploit an oil field on their border and share profits equally, Jornal de Angola said.

The field has estimated crude reserves of 60 million barrels, the Luanda-based newspaper said, citing the oil ministers of both countries, Jose Maria Botelho de Vasconcelos from Angola, and Andre Luemba of the Congo Republic.

Chevron Corp. (CVX) will operate the field, Jornal de Angola said. Revenues will be paid into an account held in an Angolan bank, it said.

To contact the reporter on this story: Candido Mendes in Luanda at cmendes6@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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